By Vittorio Corbo, Visit Amazon's Stanley Fischer Page, search results, Learn about Author Central, Stanley Fischer, , Steven Benjamin Webb
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Additional info for Adjustment Lending Revisited: Policies to Restore Growth
Thatpace requiresfinancingfor the interimdeficit,whichthe IMFaims to provide. Typicallythe team will includeone or two key senioreconomicofficialswithexperience in the Bank and/or the Fund. Adjustmentloansenablethe internationalcommunityto provide a sweetenerthat will help the reformersretain politicalsupportduringthe difficult and perhapslengthyperiodb:eforethe reformsstart to bear fruit. Loansmay be used to bribe thesegovemmentsto get offthebacksof theirlongsufferingcitizens. Implications for Conditionality Anyof the four rationalesmightbe relevantandlegitimate, dependingon the countryin questionand its circumstances.
Thechoiceofcountriesto undertake a specificprogramdependsprincipallyon theirexpectation of better performance with respect to the target macroeconomicvariables,y,. This kind of biascan also be calledself-selectivity, becausethe data are generatedby the self-selectionof the countries. The followingequationis estimatedusingthe probitMLmethod: (3-10) P(d = 1) = D[+ (y)_ + (x)_1 o + W'4 +R 'W]= (D[v,o] where(O ] denotesthe standardnormnal cumulativedistribution,W is an M-elementrandom vectorof world non-program variables,andR is an N-elementvectorof individual countrycharacteristics, suchas ifthe countryis low-income, The Empirical Results has a recurrent program with the IMF, has had an important intemal shock and so on.
The principal problem with the Ryzhkov Plan (March 1990) is that it proposes to increase prices in the interest of stabilization before doing anything to change the structure of the economy. Failed stabilizationsare not without costs: every failure makes the next attempt more difficult. Economists have so far found very few robust generalizations about the optimal sequencing of economic reform. "Stabilization first," always and everywhere, is another one that does not work. Rather than dwell on quibbles with the Corbo-Fischer paper, it may be more constructive to explore a complemen20 Adjustment Programs and Bank Support: Rationale and Main Results tary theme: the rationalefor the Bank to makeadjustment loansat all.
Adjustment Lending Revisited: Policies to Restore Growth by Vittorio Corbo, Visit Amazon's Stanley Fischer Page, search results, Learn about Author Central, Stanley Fischer, , Steven Benjamin Webb